One more wave DOWN is needed to complete the full downward movement.
BRENT - UKOIL Hadi Irani NEOWave Analyst 2020-03-21
Update to this idea: Looks like a wedge has formed and could indicate an ending diagonal; the .236 extension is at $17.82. There also appears to be bullish divergence.
Is there one more low to come for Crude? With this count wave 3 of 3 (white) touched the 2.0 extension and wave 5 of 3 stopping near the 0.618 extension. If we are in wave 4 now price could reach $33,92 (0.382) or $37,03 (0.5) before another leg down in wave 5 below $20. Price has already reached 0.236 which is also a common wave 4 level.
Oil poses a bearish scenario with probability hitting below 10$
If this count is correct there have been 5 waves up from the $43,80 low and could now be in a correction that could dip down towards $45 before up again for either wave 3 or wave C
Downside momentum continues, no sign of reversals YET. Monthly, Weekly, Daily all in a downtrend. possible short term buys, if we see price rejecting around daily/weekly channel support.
Update on these long term ideas: Oil breached the long term trendline but stopped at another one (below) and at the 1.414 extension exactly. My theory is the bottom is in here and possibly move up towards $60 again as part of a complex corrective move; a break above $5060 would help.
Take profit from 53 Take profit from 54 Take profit from 54.50 - 54.85 symbol US OIL Or Crude oil
Update to below idea: Thinking that a starting wedge maybe forming within a channel up, 5 waves consisting of ABC for each wave which means wave 4 could overlap wave 1; Wave 3 of C (orange) hit 1.272 extension exactly and in the same area as 1.618 of wave 1 (white), could see a pull back towards $52 if this theory is correct.
This formation looks as a very classic inverse Head and Shoulders pattern. though I do not trade WTI , but want to capture this to see it realizes
Currently near the bottom of 2 trend channels. If these do not hold, price should resume the selling down to 45.3x and then 42s A bounce at these current levels could bring price back up to mid 50s. OPEC decision to extend or deepen cuts should also be releases today.
Purely a guesstimate as predicting long term is impossible but oil could be in a long term correction (ABC). Now nearing the end of (b) (shown in bright blue) to the red trendline around the $47 level, before an impulsive move for (c) (of a larger degree B wave) to $95 (point D of the Gartley and between the 0.5 and 0.618 retracement of the larger degree A wave),...
Update on this idea: Price went beyond the 1:1 extension but seems to have turned now close to 1.272 extension, possible that an ABC is completed here. Monthly trendline was touched also: Other ideas linked to this one below:
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There is a big chance of seeing a nice return in oil in the next days up to 64+ on UKOIL/Brent